Best Ways to Transfer Money Overseas from Singapore in 2025

Regardless of whether you need to send money back home to your loved ones, pay for your child’s school fees abroad or make payments for your overseas online shopping hauls, you have options: traditional banks and money remittance platforms both let you transfer funds internationally.

For the uninitiated, banks are not the ones that offer robust networks and safety in transferring your funds where they need to go. Licensed money remittance platforms regulated by the Monetary Authority of Singapore (MAS) offer secure funds transfer services, too.

Above, we have summarised the main features and characteristics of five popular money remittance platforms in Singapore. When deciding which platform makes the cut, we placed emphasis on fees, transparency, and ease of use.

Do note that while we strive for utmost accuracy, you should take the data in the table as a guide, instead of gospel truth. This goes especially for information such as fees, which may change according to your remittance amount or unique circumstances.

We highly recommend getting a quote or a round of comparisons before committing your funds transfer, especially since these transactions are typically speedy and may be irreversible.

With that said, let’s have a deeper look at each of these platforms.

Coverage: Wise supports transfers to over 160 countries.

Fees: Wise is known for offering competitive exchange rates and relatively low fees, and costs are clearly stated before the transfer. Funding a transfer from a bank account typically results in the cheapest fees, often less than 1% of the transfer amount.

Transfer speed: While bank transfers can take a few days, same-day delivery is possible for some destinations. Transfers funded by debit or credit card can be very quick, while bank account transfers generally take between a few seconds and two business days, depending on the destination.

Transfer limitations and options: Wise can be one of the ways you can ensure high sending limits when you transfer money internationally. You can send or spend up to S$100,000 and enjoy a separate maximum spending of S$50,000 per month when using your Wise card. And if you’re using a Wise Business account, you don’t have any send or spend limits. Funding options include a debit card, credit card, Apple Pay, Google Pay, and bank transfers. Also, recipients generally need a bank account to receive funds.

Perks: Wise users can get a debit card linked to a multi-currency account, enabling them to hold and manage multiple currencies. This card facilitates spending like a local and offers a super-low fee on withdrawals after the first S$350.

Customer service options: Wise provides easy-to-find FAQs on its website and a well-rated mobile app.

Wise is best for: Digital nomads, frequent travellers, and anyone seeking low-cost, transparent, and fast international money transfers with convenient travel features.

» Want to learn more? Read our Wise review.

Coverage: Western Union boasts a large global network, covering over 200 countries and territories.

Fees: Fees vary depending on several factors, including the amount being sent, the destination country, and the chosen funding source and delivery method. While fees for smaller transfers may be relatively low, they can increase for larger amounts or faster transfers. Note that Western Union does earn from exchange rate markups.

Transfer speed: International money transfers via Western Union can be completed within one to five business days. However, it can take even longer depending on factors like the method for transferring funds, varying business hours in different time zones, holidays, and currencies.

Transfer limitations and options: Transfer limits vary by destination country. Western Union provides flexibility in how recipients receive money, offering options such as bank transfers, mobile wallets, and cash payouts. You can send money through physical counters, online platforms, or the mobile app. Funding options include cash, credit cards, debit cards, and bank accounts.

Customer service options: Western Union offers customer support through phone, 24/7 live chat, and email.

Perks: Western Union's strength lies in its extensive global network, particularly for cash transactions. The My WU rewards programme also offers discounts on transfer fees.

Western Union is best for: Individuals who need a widely accessible service, especially for sending money for cash pickup, and those who prefer the option of in-person transactions.

Coverage: Instarem amaze supports sending money to over 60 countries. 

Fees: Instarem amaze offers international money transfers with fees starting from 0.4%.

Transfer speed: Instarem amaze is known for its speed, often providing one to two business days.

Perks: Instarem amaze has a rewards programme that allows users to earn loyalty points on transfers and referrals. You can then redeem these points for discounts on future transfers, effectively reducing transfer costs. Another perk is Instarem's Rate Watch feature, which sends alerts when a desired exchange rate is reached. Instarem also allows you to lock in an exchange rate for a limited time after initiating a transaction.

Customer service options: Instarem amaze provides customer service through its online help centre and email.

Instarem amaze is best for: Instarem amaze is ideal for individuals who frequently send money internationally and value fast transactions and the opportunity to earn rewards.

» See more: Check out our full Instarem amaze review

Coverage: Revolut supports transfers in over 40 currencies and is available in nine countries, including Singapore, the United States, the United Kingdom, Brazil, and Australia.

Fees: Revolut provides access to interbank exchange rates across all its pricing plans. Markups generally apply to all currencies for transfers made outside foreign exchange market hours. Remittance fees are then charged at 0.8% of the amount you're sending, plus a S$1.75 fee. 

Transfer Speed: Revolut facilitates instant peer-to-peer transfers between Revolut users. Transfers to bank accounts worldwide are also available, with varying processing times.

Transfer limitations and options: Revolut allows transfers to bank accounts globally and offers transfers between Revolut users. However, the minimum transfer amount is S$2 for transfers within Singapore and S$10 for transfers outside of Singapore. Meanwhile, the maximum transfer amount is up to S$100,000 (or the foreign currency equivalent) on a rolling 365-day basis.

Perks: Revolut's features include a financial tracker with analytics and budgeting tools. Users can also create virtual disposable debit cards for enhanced security. Revolut offers different pricing plans (Standard, Premium, Metal) with varying perks, such as fee-free ATM withdrawals, monthly transfer allowances, and higher transfer limits.

Customer service options: Revolut offers customer support through its online help centre and 24/7 in-app chat.

Revolut is best for: Digital-savvy individuals seeking convenient and instant peer-to-peer money transfers, along with a range of modern financial tools.

Coverage: SingX supports transfers to over 180 countries and a wide range of currencies, including SGD, AUD, BDT, CAD, CNY, EUR, HKD, INR, IDR, JPY, KRW, MYR, and NPR.

Fees: SingX offers competitive service fees, ranging from 0.25% to 1% markup, with typical transactions around 0.5%.

Transfer speed: SingX aims to provide efficient transfer speeds, with most transactions completing within one to three business days.

Transfer limitations and options: You can transfer up to S$1 million, though individual limits may vary for different countries. Additionally, transfer options primarily involve bank accounts.

Perks: SingX's unique selling point is its guarantee that recipients won't incur any receiving fees. This is achieved by processing the transfer as a local transaction for the recipient, avoiding the extra charges often imposed by banks.

Customer service options: SingX offers customer support via email, hotline, and live chat (during business hours).

SingX is best for: Individuals and businesses seeking to minimise costs and ensure recipients receive the full transferred amount without incurring additional bank charges.

» For more information, check out our full SingX review

» Planning a trip overseas? Read our rundown of the best banks for international travel

You can choose to send your money overseas via banks or remittance platforms. For the latter, make sure they’re licensed and regulated by MAS! 

If you already have an online banking account with your bank, you may find it more convenient to remit money through your bank’s online banking overseas transfer option, although this may not necessarily be the cheapest option out there.  

That said, remittance platforms can let you remit money overseas quickly and conveniently, too. They may even give the traditional banks a run for their money as there are generally lower fees and charges — and more transparency — associated with using their services.  

To use remittance platforms’ services, in general, you’ll first need to create an account with your remittance platform of choice and then transfer the funds from your bank account to the remittance company. Some also let you transfer funds from your debit or credit card. Note that if you’re looking to remit cold, hard cash in its physical form, you have to do so at a physical branch and not all remittance platforms offer this option.

When selecting the best way to send money internationally, several factors come into play. It's crucial to begin by comparing the transfer fees, which are the upfront costs charged by the provider, and the FX rates, as even small differences can significantly impact the final amount received by the recipient.

At the same time, consider how quickly you need the money to arrive and evaluate the delivery speed offered by different services. The ease of use of the platform and the overall user experience should also be a factor in your decision. 

In addition to these financial and practical considerations, think about the specific delivery method that aligns with your needs. For instance, determine whether you require options for cash pickup, prefer the convenience of a direct bank deposit, or need the flexibility of mobile wallet delivery. 

Lastly, and perhaps most importantly, always ensure that the money transfer service you choose complies with relevant regulations, such as being licensed by MAS.

» Bonus tip: Learn how to use your credit card to transfer money

Understanding the following key terms is essential when navigating international money transfers:

• Exchange rate margin: This refers to the difference between the exchange rate customers are offered and the actual market exchange rate. Money transfer providers often include an exchange rate margin to generate revenue. A larger margin means the recipient receives less money.

• Transfer fees (fixed vs. percentage): These are the charges levied by the transfer service. They can be a fixed amount (a flat fee regardless of the transfer size) or a percentage of the total transfer amount. Some providers may use a combination of both.

• Mid-market rate: Also known as the interbank rate, this is the exchange rate at which banks trade currencies among themselves. It's often considered the benchmark for fair exchange rates.

• Impact of receiving method on cost: The way your recipient receives the money can influence the overall cost of the transfer. For example, cash pickup options might involve higher fees compared to a direct bank transfer.

1. Use reputable, MAS-regulated services. Always opt for money transfer services that are licensed and regulated by MAS. This ensures they adhere to strict standards and provides a greater level of security for your transactions.
2. Avoid last-minute/emergency transfers. If possible, plan your transfers in advance. Fees can often spike when you need to send money urgently, so avoiding last-minute or emergency transfers can save you money.
3. Use comparison tools. Before committing to a specific provider, take advantage of online comparison tools. These allow you to compare exchange rates, fees, and transfer speeds from various services, helping you find the most cost-effective option.
4. Be cautious of fraud or phishing. Stay vigilant against potential fraud or phishing attempts. Be wary of suspicious emails, websites, or platforms that may try to impersonate legitimate money transfer services. Always verify the sender's authenticity and avoid sharing sensitive information unless you're absolutely certain of the platform's security.